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I have not yet had a response from Argentine counsel. I will speak with th=
em=20 again. Sara "GAYOL, Pablo J." <PG@marval.com.ar< on 10/21/99 04:55:43 PM To: Sara Shackleton/HOU/ECT@ECT cc: =20 Subject: RV: Argentina: public utilities and other regulated entities Dear Sara, Unfortunately, we haven=01%t recieve your fax with the Municipal Schedule. Could you please be so kind to sent it to us again? Thank you vey much. Regards, Pablo Gayol < < < Hope you are well! I had a wonderful vacation in L.A. I never made it t= o < either the Norton Simon or the Getty; I'll just have to plan another trip < to the < west coast. < < In connection with your recent review of our standard ISDA Schedule, < Credit < Support Annex and legal opinion (the "Documents"), could you please advis= e < as < the whether additional provisions are required or advisable in any of the < Documents when our counterparty is an Argentine public utility, < municipality or < other type of regulated entity. In the U.S., we use the ISDA < Multicurrency - < Cross Border boilerplate and incorporate most of the ISDA municipal < language and < some of our own into the Schedule for municipals and governmental < entities. < However, for public utilities which are general corporates (and not < governmentally owned), we take a different approach and incorporate < language < which might trigger an "Additional Termination Event" for "regulatory typ= e < developments" (e.g., orders issued by a public utility commission) which < would < cause or might cause our master agreement to become void or unenforceable < or < similar swap agreements to become void or unenforceable. For example: < < "The filing of a motion, pleading, application or other similar action in < any < proceeding or action by Party B, a commission, regulatory agency or other < entity < having jurisdiction over Party B, in respect of Party B, or in respect of < any < other similarly situated entity organized under the laws of the state(s) < in < which Party B is located or regulated, to the effect that performance < under this < Agreement or one or more Transactions hereunder or similar agreements is < unlawful or that this Agreement or one or more Transactions hereunder or < similar < agreements are void or voidable." < < By fax, I will send you our Municipal Schedule. < < Please advise as to changes in both the (i) Schedule and (ii) legal < opinion for < both (a) public utilities (corporates, non-governmental) and governmental < entities (municipals, public agencies, governmental utilities, etc.). < Please < call if you have any questions. Regards. Sara < < < --------------------------------------------------------------------- Este mensaje es confidencial. Puede contener informacion amparada por el secreto profesional. Si usted ha recibido este e-mail por error, por favor comuniquenoslo inmediatamente via e-mail y tenga la amabilidad de eliminarlo de su sistema; no debera copiar el mensaje ni divulgar su contenido a ninguna persona. Muchas gracias. This message is confidential. It may also contain information that is privileged or otherwise legally exempt from disclosure. If you have received it by mistake please let us know by e-mail immediately and delete it from your system; should also not copy the message nor disclose its contents to anyone. Many thanks. ---------------------------------------------------------------------
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